노르웨이 국부펀드의 투자전략 분석: 국제적 자금 유통의 관점에서

Purpose: The sovereign wealth fund (SWF) has been in the spotlight since the 2000s due to concerns over a drop in foreign exchange reserves in emerging countries, and both the size of its assets and their investment performance have grown to a level that cannot be ignored as of 2019. In particular, the Norwegian SWF, which has the largest asset value among the SWFs, has grown to be the No. 1 asset value among the world's SWFs based on stable investment. This study seeks to explore ways to contribute to financing in the distribution market by analyzing the investment strategy of the Norwegian SWF and seeking investment strategies. Research design, date, and methodology: In this study, we compared and analyzed Government Pension Fund Global (GPFG) and Korea Investment Corporation (KIC)’s return through annual report that published by each institution. Through the pre-research for SWFs, we identified governance model and investment principles of GPFG. Results: This study analyzed these strategies through analysis of the Norwegian SWF’s annual report and other analyses, and also confirmed stability of GPFG through comparing return with KIC. Through these analyses, we proved the Norwegian SWF is earning long-term returns by assets (Equities, bonds and real estate). Based on this analysis, the conclusion presented strategic implications such as the sustainability of passive investment strategies, the validity of alternative investments, and the sustainability of investment strategies. Conclusions: The conclusions of the study are presented as follows: GPFG is a savings fund and type1 (or the source of money is the export of raw materials) of Stephen's classification. This means that GPFG is expected to have aggressive investment tendencies. However, as a SWFs, GPFG uses a passive strategy in the stock market because it operates assets for stable returns. Bond investments centered on advanced industrialized countries contributed to GPFG generating stable return on investment, while expanding investment in alternative assets boosted return on investment. Comparing standard deviation and variance of annual yield between GPFG and KIC, it was found that uncertainty of return of GPFG was lower, and thus it can be assessed that stability is higher.